SEOUL, Jan. 9 (Korea Bizwire) – South Korea’s asset managing giant Mirae Asset Financial Group said Monday that it will invest about 1 trillion won (US$827 million) into building a luxury resort complex on the country’s southwest coast by 2029.
In August 2016, a consortium led by the financial group was selected as a preferred bidder to build the ocean complex on Gyeong Island in Yeosu, South Jeolla Province.
The consortium first plans to pour 342 billion won to purchase the land and existing complex on the island before building golf and resort facilities, officials said. The company said the consortium will make an additional investment of 750 billion won to construct a six-star hotel, theme park, retail village, condo, water park, yacht club and marine cable cars, among others.
The investment totaling some 1 trillion won would be the largest investment in the tourism and leisure sectors in the southern part of the country, officials said.
On Monday, Mirae Asset signed an investment agreement with the provincial government of South Jeolla and Jeonnam Development Corp. which operates the complex.
“I am pleased that Mirae Asset participated in developing South Korea’s southern coast as the center of the tourism in the 21st century,” said Mirae Asset Chairman Park Hyun-joo.
The group has been expanding investments by diversifying business portfolio following a high-profile merger with another financial group last year.
Mirae Asset Securities, the brokerage unit of the group, acquired a 43 percent stake in KDB Daewoo Securities Co. from the state-run Korea Development Bank in a deal worth 2.32 trillion won. With the acquisition, Mirae Asset became the largest financial group in the country.